Unpaid crude oil supplier seeks to trace proceeds of sale of refined product

Claire Messer and Reema Shour of Hill Dickinson consider a High Court decision allowing Glencore to pursue claims against Prax Lindsey Oil Refinery in liquidation, finding that the unpaid crude oil supplier had a good arguable case for equitable rescission of supply contracts allegedly induced by fraudulent misrepresentations, potentially enabling it to trace the value of crude oil into refined products and their sale proceeds and assert proprietary rights ahead of unsecured and preferential creditors.

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